Facebook Acquires Instagram

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Menlo Park, Calif. -

Facebook

founder Mark Zuckerberg announced on his profile page Monday that the social networking company has purchased mobile photo-sharing application Instagram for about $1 billion in cash and stock.

Instagram

launched two years ago as a photo sharing service for mobile iOS devices offering the ability to apply stylized filters to images. The service later expanded by adding an app to for Google Android devices.

In announcing the deal, both companies said Instagram will continue to be operated as an independent service, will continue to be available to rival social networks.

"We believe these are different experiences that complement each other," Zuckerberg stated in his posting. "But in order to do this well, we need to be mindful about keeping and building on Instagram's strengths and features rather than just trying to integrate everything into Facebook."

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